As we continue to enhance our SaaS-based platform for automating compliance, we are also building out our services team. Today, another industry veteran joins Joot. John Williams, Director of Compliance Services, brings nearly three decades of regulatory compliance experience to Joot, with the last 14 as a chief compliance officer for a Broker-Dealer / RIA. He also has expertise in international operations, business continuity planning, cybersecurity and banking.
Ever since the SEC and other regulatory bodies (i.e., FINRA) identified the possibility of “significant business disruptions” many years ago and mandated that registrants create, maintain, and test a Business Continuity Plan (“BCP”), these plans have rarely been taken very seriously until they are needed.
On March 13, 2020, the SEC announced regulatory relief for investment advisers and investment companies who may be affected by the coronavirus. The SEC is recognizing that limits on travel, reduced personnel and other business disruptions as a result of the coronavirus may cause delays in meeting regulatory filing deadlines and other regulatory obligations.
1961, Was it really a "good year?" Some of us couldn’t say for sure since we weren’t even born yet! For those of us that were, gas was about 27 cents/gallon. John F. Kennedy was President and about to deal with the "Bay of Pigs" debacle which would tarnish his first year in office. East German authorities closed the border between East and West Berlin and construction of the Berlin wall would commence. Pampers were introduced as the world’s first disposable diaper. Oh, and the Securities and Exchange Commission published the first rule on advertising!
Financial firms, including broker-dealers and registered investment advisers, are at a high risk of cybersecurity attacks primarily because they control both their own data and the sensitive data related to clients.
In June 2019, the SEC announced Regulation Best Interest (Reg BI), the long-awaited standard that was meant to be the industry’s answer to the now-vacated Department of Labor Fiduciary Rule. Though Reg BI impacts broker-dealers most heavily, it does have some implications for RIAs as well. In addition, Reg BI is part of a rulemaking package that adopted other new rules, including one that requires both broker-dealers AND investment advisers to provide a relationship summary document, called Form CRS, to all retail investors.
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2020 examination priorities on January 7, 2020. OCIE releases this list on an annual basis in order to provide the industry with insights into areas it may focus on thorough the examination process. All the priorities listed on the 2020 list were also on the 2019 list, with some new additions. Which makes us wonder if anything will ever be taken off the list, or if there will just be new additions? Only time will tell.
In this final part of our third Interview (Part 1, Part 2). Bo Howell continues his discussion with Charles Black about the DO's and DON'Ts of SEC Exams. Charles brings over 17 years of experience in the financial services industry to provide great tips and insight on what to do when the SEC calls.
Foreword by Bo Howell (July 2020)
This is Part 2 of our third Interview (Part 1). Bo Howell continues his discussion with the newest member of Joot, Charles Black about SEC Exams. Charles brings over 17 years of experience in the financial services industry to provide great tips and insight on what to do when the SEC calls.